Finding profit maximising output and price
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The demand function for a product sold by an oligopolist operating in the short run is given below:
QD = 370 - P
The firm's marginal cost function is given below:
MC = 10 + 4Q
Calculate the profit-maximizing price and quantity, if the firm operates in the short run.
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Solution Summary
Solution explains the steps in finding profit maximising output and price for oligopolist in short run.
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Let Q be profit maximizing quantity and P be the corresponding price
Demand at this ...
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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